Hovde Group Cuts First Internet Bancorp (NASDAQ:INBK) Price Target to $39.00

First Internet Bancorp (NASDAQ:INBK - Free Report) had its target price decreased by Hovde Group from $44.00 to $39.00 in a research note released on Wednesday morning,Benzinga reports. Hovde Group currently has an outperform rating on the bank's stock.

INBK has been the subject of several other research reports. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. StockNews.com downgraded First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. Finally, Piper Sandler reduced their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a report on Monday, January 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $40.50.

First Internet Bancorp Stock Performance

Shares of INBK traded down $0.03 during trading hours on Wednesday, hitting $23.74. The company had a trading volume of 12,251 shares, compared to its average volume of 43,835. First Internet Bancorp has a 12 month low of $22.22 and a 12 month high of $43.26. The firm has a market cap of $206.42 million, a price-to-earnings ratio of 8.23 and a beta of 0.52. The business has a fifty day moving average of $29.71 and a 200-day moving average of $34.42. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. Equities analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is currently 8.30%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. MetLife Investment Management LLC raised its holdings in First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank's stock worth $162,000 after buying an additional 2,669 shares during the last quarter. State Street Corp grew its stake in shares of First Internet Bancorp by 8.9% in the third quarter. State Street Corp now owns 106,282 shares of the bank's stock worth $3,648,000 after acquiring an additional 8,701 shares during the period. Jane Street Group LLC bought a new position in First Internet Bancorp during the third quarter valued at approximately $203,000. XTX Topco Ltd bought a new position in First Internet Bancorp during the third quarter valued at approximately $201,000. Finally, Barclays PLC boosted its holdings in First Internet Bancorp by 20.5% in the third quarter. Barclays PLC now owns 20,286 shares of the bank's stock worth $696,000 after purchasing an additional 3,447 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company's stock.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.